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Managed Fund Since 2005
Equity
LMREX ClearBridge Mid Cap Fund
Popular Documents
Overview
Fund Facts
Fund description
Invests in a diversified equity portfolio focused on mid-sized companies. Seeks long-term capital growth through a disciplined, consistent and transparent investment process. Investment returns are driven by stock selection, with a strong focus on risk management in portfolio construction.
- Benchmark
- Russell Mid Cap Index
- Fund Inception Date
- 09/01/1998
- Dividend Frequency, if any
- Annually
- Portfolio Turnover
- 29%
Sales Charges, Expenses & Fees
As of 03/01/2026- Gross Expense Ratio
- 1.46%
- Net Expense Ratio
3 - 1.45%
- Maximum Initial Charge
- —
- CDSC
- N/A
- 12b-1 Fee
- 0.50%
Identifiers
- Ticker
- LMREX
- Fund Number
- 7047
- CUSIP Code
- 52469H172
Average Annual Total Returns As of 08/31/2026
Class R
- 0.74%1 Year
- 7.29%3 Years
- 0.82%5 Years
- 7.37%10 Years
- 8.63%Since Inception
09/30/2008
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.
Top Sectors
As of 09/30/2026 Equity as a % of Total (Updated Monthly)
Industrials20.49% | |
Information Technology15.26% | |
Financials13.82% | |
Health Care10.52% | |
Consumer Discretionary9.17% |
Additional Fund Info
- Share Class Inception Date
- 09/30/2008
- Investment Style
- Mid Cap
- Lipper Classification
- Mid-Cap Core Funds
- Morningstar Category
4 - Mid-Cap Blend
Manager and Commentary
About the Team
ClearBridge Investments is an active equity manager offering a broad range of strategies across global developed and emerging markets, local markets, and income. ClearBridge manages diversified, high-conviction portfolios through collaborative fundamental research to meet the needs of some of the world's largest asset owners and financial intermediary platforms. We invest as long-term, risk-aware business owners and seek to deliver consistency of process and performance for our clients through market cycles. A focus on durability drives everything we do; from the business models of the companies we own, to the holding periods of our portfolios, to the stability and longevity of our investment professionals.
Commentary Highlights
June 30, 2026- Markets: Mid cap equities participated in a sharp second-quarter rally, with the Russell Midcap Index returning 13.8% and bringing year-to-date gains to 15.3%. Growth modestly outpaced value for the full quarter, with the Russell Midcap Growth Index returning 14.5% versus 13.4% for the Russell Midcap Value Index. Leadership flipped later in the period, however, as value outpaced growth in June and remained well ahead year to date. That late-quarter shift did not displace the market’s dominant stock-level theme: enthusiasm for artificial intelligence (AI) infrastructure and the companies perceived to be the best positioned in the continued buildout.
- Contributors: Holdings in Willscot, Rubrik and United Rentals. Stock selection in the consumer staples, industrials and materials sectors.
- Detractors: Holdings in EQT and Chewy, not owning Sandisk. Stock selection in the IT and consumer discretionary sectors and an underweight to the IT sector.
- Outlook: We remain focused on balancing exposure to durable secular themes with valuation, market-cap and quality discipline, seeking companies with strong competitive positions and clear paths to value creation.
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Managed Fund Since 2020
Latest ClearBridge Insights
October 1, 2026
September 23, 2026
September 21, 2026
September 11, 2026
Performance
Calendar Year Returns
As of 08/31/2026
Class R - With Sales Charge (POP) (%)
Class R - Without Sales Charge (NAV) (%)
Russell Mid Cap Index (%)
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.
Ratings 5
©2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Portfolio
Assets
As of09/30/2026 (Updated Monthly)
- Total Net Assets
- $1.39 Billion
Positions
As of 09/30/2026 (Updated Monthly)
Number of Holdings
- Fund
- 68
- Benchmark
- 821
Portfolio Statistics
As of 09/30/2026 (Updated Monthly)
Price to Earnings (12-Month Forward)
- Fund
- 19.18x
- Benchmark
- 16.48x
- Fund
- 22.62x
- Benchmark
- 20.31x
- Fund
- 5.76x
- Benchmark
- 4.86x
- Fund
- $20.48 Billion
- Benchmark
- $25.79 Billion
- Fund
- $28.03 Billion
- Benchmark
- $32.70 Billion
- Fund
- 29.00%
- Benchmark
- —
Asset Allocation
As of 09/30/2026 % of Total (Updated Monthly)
| Holdings | Fund |
|---|---|
Equity | 99.15% |
Cash & Cash Equivalents | 0.85% |
Holdings
As of 08/31/2026 (Updated Monthly)
Clean Harbors Inc
Crown Holdings, Inc.
Performance Food Group Co.
DTE Energy Company
Travelers Cos Inc/The Npv
Raymond James Financial Inc.
EQT Corp.
United Rentals Inc
Live Nation Entertainment Inc
Vistra Corp
Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.
For the latest updates on portfolio holdings, if any, please refer to the Documents section below.
Distributions & Tax
- Distribution Frequency
- AnnuallyThis fund is an ex-Dividend fund
- Capital Gain Distributions
- December
Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.
Distributions Per Share
12/10/2025
Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.
The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.
Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.
Pricing
Documents
Fund Literature
Factsheet - ClearBridge Mid Cap Fund
Product Commentary - ClearBridge Mid Cap Fund
Regulatory Documents
Annual Report - ClearBridge Mid Cap Fund - Class R
Annual Financial Statements and Other Information - ClearBridge Mid Cap Fund
Semi-Annual Report - ClearBridge Mid Cap Fund - Class R
Semiannual Financial Statements and Other Information - ClearBridge Mid Cap Fund
Prospectus - ClearBridge Mid Cap Fund
Summary Prospectus - ClearBridge Mid Cap Fund
Statement of Additional Information - Legg Mason Partners Investment Trust Book 24
Fiscal Q1 Holdings - ClearBridge Mid Cap Fund
Fiscal Q3 Holdings - ClearBridge Mid Cap Fund
Risks
All investments involve risks, including possible loss of principal. Equity securities are subject to price fluctuation and possible loss of principal. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. Short selling is a speculative strategy. Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund’s prospectus.
Important Information
Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.
Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.
Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.
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Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.
Important data provider notices and terms available at www.franklintempletondatasources.com.
Performance data quoted represents past performance, which does not guarantee future results.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.
The Russell Mid Cap Index measures the performance of the mid-cap segment of the U.S. equity universe.
Source: FTSE.
All Putnam-named funds and Franklin Retirement Advantage, Franklin Dynamic Asset Allocation, and Franklin Multi-Asset Income-named funds and Royce funds are not exchangeable for other funds distributed by Franklin Distributors, LLC.